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Redesigning a website I just finished designing...

I just finished designing a customized Wordpress website for a client. It took me approximately five months to complete. Now the client wants to completely tear part another theme and re-design the entire website, with new widgets and custom programs. Is it appropriate that I not only renegotiate his contract, but also give him a discount on the new re-design?

Tomorrow, he will have paid off his original contract of more than $1500. I want to be fair to myself and my income, but I also want to keep his business.